Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 37,000 REALTORS®

January 2002 Sales

Home Sales Defy Slowing Economy

HOUSTON (February 25, 2002)  Existing home sales, as reported in Houstons Realtor Information Service, demonstrated
an increase in growth for the month of January, according to statistics released today by the Houston Association of
RealtorsҮ Realtor Information Service (RIS).Total sales for the month, consisting of single-family homes, townhomes,
multifamily, country homes, high-rise properties, lots and new homes listed on the RIS, topped out at 3,721 for January
2002, which is a 27.9 percent increase in cumulative sales from this time last year. Last years total sales for
January 2001 reached 2,909. However, when total cumulative sales figures January 2002 are compared with December 2001,
sales decreased by 684.

Weve seen a 68 percent increase in the number of new construction sales reported through the RIS, said Shad Bogany,
chairman of the Houston Association of Realtors. With more than 60 million hits each month on HAR.com, we believe that
new home builders are increasingly understanding the value that Realtors bring to their listings.

The total dollar volume closed last month was $540,607,772, an increase of 28.5 percent compared to last Januarys
total of $420,772,797. The number of pending sales increased 10 percent from 2,900 in 2001 to 3,198 this year.
Available inventory rose to 27,876 in January, compared to 26,583 last month, representing a 4.5 percent increase.

Several factors are contributing to the year-to-year growth jump were experiencing, said Bogany. Within the last
two years, HAR has seen an increase in the number of RIS subscribers and strengthened its enforcement of rules
requiring the timely reporting of sales. Additionally, the number of listings that have been added to the RIS database
is increasing. The bottom line is that the market is still strong and contracts pending are up this January in
comparison to last year.

January Market Comparison

January 2001

January 2002

Percent Change

Total property sales

2,909

3,721

+ 27.9%

Total dollar volume

$420 million

$540 million

+ 28.5%

Active listings

25,739

27,786

+ 8.0%

Single-family homes update

Single-family homes spent 87 days on the market, showing no change from last years 87 days on the market. Total sales
for single-family homes rose to 3,026 an increase of 27.9 percent from last year establishing a new record for the
month of January. The median price of $124,900 was 8.6 percent higher than last Januarys $115,000.

In January, 1,988 single-family homes sold for less than $149,999, an increase of 365 units from this time last year.
Mid-priced home sales, homes ranging from $150,000 to $499,999 grew from 684 in January 2001 to 980 this year.
Additionally, 61 homes sold for more than $500,000, an increase of two homes from last year.

High-Rise Properties, Townhouse/Condo and Country Homes Update

HAR Realtor Information Service reported an increase in the median price for high-rise properties for January,
rising 23.5 percent to $315,000 from $255,000 last year. High-rise sales increased to 37 units last month when compared
to 20 in the same month last year.

Townhouse/condominium figures increased last month to 414 sales with a median price of $70,000 compared to January
2001s totals of 315 and $72,000, respectively. Country homes decreased in median price from $120,000 last year to
$117,290 this year. Sales increased to 41 from 18 last January.

The computerized Realtor Information Service of the Houston Association of Realtors includes residential properties
and new homes listed by 16,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of
Brazoria, Galveston, Waller and Wharton counties. The Houston Association of Realtors is the largest trade association
in Houston and the largest local Realtor association in the nation. Residential home sales statistics as well as
listing information for more than 25,000 listings can be found on the Internet at https://www.HAR.com.

The information published and disseminated to the HAR Realtor Information Services is communicated verbatim, without
change by Realtor Information Services, as filed by Realtor Information Services participants. The Realtor Information
Services does not verify the information provided and disclaims any responsibility for its accuracy. All Realtor
Information Services data is preliminary and subject to change. Monthly sales figures reported since November 1998
include a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year
figures. (Single-family detached homes were broken out separately in monthly figures beginning January 1988.)